COMMODITY MARKET (28th Sep 2026)

Morning Commodity Market Snapshot

GOLD

Gold futures on the COMEX is trading with negative bias and has plunged below its crucial level of 4250, and is currently hovering near the $4284 mark of $4207.35 down by 1.79% from previous close of $4284. Fall in prices are attributed to the stronger dollar, which rose to the high of 101.194. Further rising crude oil prices to the level of $98, which is getting back to the inflationary concern and higher expectation of rate hike by Fed in the coming meeting, as traders are pricing in 66%, chances of rate hike,as per Fed watch tool is also weighing on the yellow metal prices. Further investors would keep eye on the economic numbers like Job opening, ADP employment and PCE data for further cues on the policy decision to be taken in October.

SILVER

Silver futures on the COMEX prices took a similar path as yellow metal and is seen trading down by 3.72% from Friday’s close of $64.2560. Rising 10 and 30 year bond yield with higher expectation of increasing rate hike in october meeting. Further, with US-Iran in no talk and oil prices reaching near $100, also weighed on the silver prices. Thus falling below the mark of $61, would take the prices towards $58-57 in near term. As per the fed watch tool there is 66% probability of rate hike in October meeting also weighed heavily on prices.

CRUDE

Brent Crude futures trended upward on Monday morning, climbing to $98.68 per barrel following U.S. President Donald Trump’s decision to turn down Iran’s newest terms for unblocking the Strait of Hormuz. The rejection has heightened market anxiety over prolonged disruptions to maritime energy supply routes. Iranian officials stated they are holding firm on their demands while awaiting a formal decision from Washington on their proposed seven-day framework. Adding to regional instability, Saudi military forces successfully downed Houthi drones directed at Riyadh alongside a missile aimed at Khamis Mushait.

Copper

Copper futures extended their upward trend beyond the key resistance level of ₹1,407, reaching a peak of ₹1,419.90. This price surge is propelled by robust consumption in the power and electrification sectors, alongside supply concerns following an indefinite shutdown at BHP’s Escondida facility in Chile. The fatal workplace incident at the mine has heightened labor tensions during ongoing union contract talks. From a technical standpoint, maintaining levels above ₹1,410 keeps the pathway open for a retest of ₹1,420. Conversely, a slip under ₹1,407 might trigger a short-term pullback, with downside targets falling into the ₹1,400–₹1,385 support range.

Commodity Levels:

Evening Commodity Trading Guide 28^th Sept 2026

Gold Technical Outlook

MCX Gold (Oct): The domestic October contract reflects an ongoing corrective tone, keeping its sentiment in line with COMEX. Technical resistance is positioned at ₹1,48,500 – ₹1,50,500, while the primary support zone lies between ₹1,46,000 – ₹1,44,200. Technical analysis indicates that weakness in prices can continue after breaching the support zone. For long-term allocation, long-term investors can consider buying in small amounts on every dip to systematically build core holdings.

COMEX Gold (Spot): Spot gold displays a Bearish Sentiment profile as price action breaks below crucial short-term floors. Immediate resistance is identified near $4,200 – $4,250, while key underlying support levels are seen near $4,120 – $4,075.

Overall View: Gold remains under short-term selling pressure following structural breakdown signals. Tactical traders should respect lower resistance boundaries, while strategic investors can utilize deeper price corrections for disciplined, phased accumulation.

Silver Technical Outlook

MCX Silver (Dec): Tracking international benchmark price weakness, the active December contract continues to face selling pressure near key structural zones, keeping sentiments in line with COMEX. Technical resistance stands at ₹2,30,000 – ₹2,36,000, with support expected near ₹2,25,000 – ₹2,20,000. Chart setups indicate weakness in prices can continue after breaching the support zone. Simultaneously, long-term investors can consider buying in small amounts on every dip to systematically accumulate core positions over time.

COMEX Silver (Spot): Spot silver exhibits a Bearish Sentiment framework. Resistance levels are placed at $62.50 – $65, while primary support buffers are likely established around $60.50 – $58.

Overall View: Silver presents a vulnerable chart layout with risks skewed toward further downside testing. Tight risk management is advised for short-term trades, while dollar-cost averaging on dips remains a prudent approach for long-term investors.

Crude Oil Technical Outlook

MCX Crude Oil (Oct): Trading in line with International NYMEX Spot prices, the October contract exhibits dynamic two-way movement within an expanding range. Technical resistance is positioned at ₹9,400 – ₹9,700, while primary support rests between ₹9,150 – ₹8,800. Technical analysis suggests selling pressure may arise at higher levels and bounce can be seen from support levels. Furthermore, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

NYMEX WTI Crude Oil (Spot): Spot Crude Oil carries a Sideways to Bullish Sentiment profile as upside momentum recovers toward key technical hurdles. Resistance stands at $98 – $100, while key support levels are seen between $94.50 – $92.

Overall View: Crude oil has transitioned into an elevated sideways-to-bullish framework. Expect selling pressure near upper resistance ceilings and responsive buying near support floors, requiring tight stop-loss management due to ongoing headline risks.

Zinc Technical Outlook

MCX Zinc (Oct): Directly tracking global trend, the active October contract experiences minor near-term consolidation within a broader range. Technical resistance is positioned at ₹421 – ₹425, while key support underpins price action between ₹414.50 – ₹410. Technical analysis indicates weakness is seen but bounce can come from lower levels. Nevertheless, traders should remain extra cautious, as heightened volatility persists amid ongoing geopolitical tensions.

LME Zinc (Spot): LME Zinc holds a Sideways Sentiment profile as price action consolidates between well-defined parameters. Overhead resistance stands between $3,880 – $3,925, while key support levels are established between $3,820 – $3,775.

Overall View: Zinc maintains a balanced neutral structure despite short-term softness. Pullbacks toward support boundaries continue to present attractive risk-reward entry zones for technical rebound traders.

Commodities: Pivot Table

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